Hopes among football's conspiracy theorists that the City regulator would unravel the ownership structure of Chelsea FC before it was taken over by Russian billionaire Roman Abramovich were dashed yesterday when the Financial Services Authority closed its two-year investigation into the company.

Roman Abramovich, the billionaire owner of Chelsea football club, has sold his last substantial business interest in Russia, a stake in the oil firm Sibneft, to the Kremlin for £7.4bn, it was announced yesterday.